<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672006000200045</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Estabilización de precios e ingreso laboral incierto: un enfoque estocástico]]></article-title>
<article-title xml:lang="en"><![CDATA[Stabilization of Prices and Uncertain Labor Income: A Estochastic Approach]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Venegas-Martínez]]></surname>
<given-names><![CDATA[Francisco]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Tecnológico de Monterrey Centro de Investigación en Finanzas ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2006</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2006</year>
</pub-date>
<volume>65</volume>
<numero>256</numero>
<fpage>45</fpage>
<lpage>69</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672006000200045&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672006000200045&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672006000200045&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: En este trabajo se presenta un modelo estocástico de estabilización temporal de precios con un ancla nominal en el tipo de cambio. El modelo reconoce explícitamente la incertidumbre en la dinámica esperada tanto de la tasa de devaluación como del ingreso laboral. Bajo este marco, las expectativas de devaluación son conducidas por un proceso de difusión con saltos y el ingreso laboral es gobernado por un movimiento geométrico browniano. Se supone que no existe un mercado de productos derivados para cubrirse contra devaluaciones y fluctuaciones adversas en el ingreso laboral futuro, de esta manera los mercados financieros son incompletos. Se examina la dinámica de decisiones de consumo y portafolio cuando se implementa un programa de estabilización. Por último, se evalúan los efectos de choques exógenos en las expectativas tanto de la devaluación como del ingreso laboral sobre el bienestar económico.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper develops a stochastic model of temporary stabilization of prices when the exchange rate acts as a nominal anchor. The model explicitly recognizes the uncertainty in the expected dynamics of both the devaluation rate and the labor income. Under this framework, the expectations of devaluation are driven by a mixed diffusion-jumps process, and future labor income is governed by a geometric Brownian motion. It is assumed that a contingent claims market does not exist to hedge against both devaluation and adverse fluctuations in future labor income, in this way the financial markets are incomplete. The dynamics of the consumption and portfolio decisions when a stabilization program is implemented is also examined. Finally, the effects of exogenous shocks on the expectations of devaluation and labor income are assessed in terms of economic welfare.]]></p></abstract>
</article-meta>
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